May, 2017

• 28 May

  ‘Energy kites’ backed by Shell set for test in Scotland

  Bloomberg Power-generating kites backed by Royal Dutch Shell Plc, Schlumberger Ltd. and EON SE will start tests in the UK this summer, with the aim of developing a technology that could eventually replace offshore wind turbines. Kite Power Systems, known as KPS, is working on a 17-meter device that flies on air currents high above the ground and generates power …

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• 28 May

  Greece’s Energean signs deal to supply gas to Israel

  Bloomberg Energean Oil & Gas Group signed contracts to supply private Israeli power plants with natural gas, the first deals to compete with the partners who dominate the country’s energy industry. Greece’s Energean will supply as much as 23 billion cubic meters of natural gas from the Karish and Tanin fields offshore Israel to Dalia Power Energies Ltd. and Or …

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• 28 May

  Sun Pharma warns ‘new normal’ will hit sales

  

  Bloomberg Sun Pharmaceutical Industries Ltd., India’s largest drugmaker, warned investors that sales could decline in the coming year amid downward pressure on generic-drug prices in the US and regulatory issues at one of its biggest factories. Revenue fell 6.6 percent to 71.4 billion rupees ($1.11 billion) in the three months ended March 31 from the same period a year earlier. …

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• 28 May

  China’s industrial profits rise 14% as global trade improves

  

  Bloomberg Chinese industrial profits rose 14 percent in April from a year earlier as global trade increased. Industrial profits climbed to 572.8 billion yuan ($83.6 billion) last month, the National Bureau of Statistics said. That compares with a jump of 23.8 percent in March, and an 8.5 percent increase last year. Output in the world’s largest manufacturing nation is booming …

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• 28 May

  Energy costs nudge Japan inflation up to 0.3 percent

  

  Bloomberg Japan’s core consumer inflation gauge rose for a fourth month in April, the longest run of gains since mid-2015, but it’s far below target and weak underlying price pressures point to limited gains ahead. Highlights of CPI report Consumer prices excluding fresh food increased 0.3 percent in April from a year earlier, the fastest pace since April 2015 (estimate …

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• 28 May

  Western Australia may ask BHP, Rio to cash out iron ore levy

  Bloomberg Western Australia may ask Rio Tinto Group and BHP Billiton Ltd. to pay potentially billions of dollars to end a mining rent tax to help patch a budget decimated by lower commodity prices. The state government is seeking advice on a proposal that would see the nation’s two biggest miners pay out an iron-ore levy early in a one-off …

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• 28 May

  Tesla ‘Model X’ misses out on America’s voracious SUV hunger

  Bloomberg Not everything Elon Musk touches has been a runaway sales success. While Tesla Inc.’s Model S has been a hit and thousands lined up to order the upcoming Model 3 sedan, the Model X sport utility vehicle hasn’t met the chief executive officer’s expectations. Model X deliveries have yet to keep pace with the Model S, as Musk predicted, …

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• 28 May

  Diamond sector hit as key US market takes a knock

  Bloomberg In the diamond industry, the only place that really matters is the US, and the market is starting to look a little shaky. In a country where consumers buy almost half the world’s gems, Tiffany & Co. and Signet Jewelers Ltd. this week reported disappointing sales. That’s a blow to expectations that President Donald Trump’s pro-business policies would give …

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• 28 May

  Einhorn’s call for GM changes rejected by shareholder advisers

  Bloomberg Two shareholder advisory firms have recommended support for current General Motors Co. board members and against creating a dual share class, proposals advanced by activist investor David Einhorn to boost the automaker’s stock. “The dissident has not made a compelling case that change at the board level focusing on the implementation of its proposal is warranted,” Institutional Shareholder Services …

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• 28 May

  Swedish, Kiwi housing markets at risk of bust

  

  Bloomberg The Swedish and New Zealand housing markets are the most at risk of a correction among the so-called G-10 economies, according to Goldman Sachs. In a report on house prices in G-10 nations — those with the 10 most-traded currencies in the world — Goldman finds they are most elevated in small, open economies such as Sweden and New …

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